Lates News

At the beginning of Monday trading, crude oil futures rose over 2% due to the stalemate in peace talks between the United States and Iran and the limited oil transportation through the Strait of Hormuz, leading to continued tensions in global oil supply. Recently, there has been drastic volatility in crude oil futures prices, and traders not only have to predict the time for oil to resume exports from the Persian Gulf but also the time needed for production in that region to return to pre-war levels. Trump stated on Sunday that Iran's inability to export oil has led to increasing domestic pressure, potentially causing long-term damage to the country's energy export infrastructure. Goldman Sachs analysts stated on Sunday that they have revised their expectation for the time it will take to restore normal export levels through the Strait of Hormuz from mid-May to late June, while also raising their price expectation for WTI crude oil in the fourth quarter from $75 per barrel to $83 per barrel.